The latest research from the Access Group has identified that the lack of integration between technology systems is impacting accountants’ time management, reported Accounting Times.
The report, titled ‘Beyond the Numbers: An Accountant’s Perspective 2024,’ draws on a survey of 422 accountants to shed light on the industry’s hurdles.
Among the surveyed accountants, 68% feel that their profession is ‘harder now than ever before,’ with 9% stating that work has become easier since the start of their careers.
The role of technology in accounting, according to 91% of respondents, could save them at least one hour per day if systems were better integrated.
About 53% estimate they could save four hours or more each day, while 33% foresee saving upwards of seven hours weekly if their systems worked cohesively.
The Access Group APAC president Kerry Agiasotis said: “Despite the promise that technology would streamline processes, too many tools that required manual interaction had the effect of creating more work.”
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By GlobalData“Technology is often billed as the key to relieving workload, but our research has shown that the ‘urban sprawl’ of unplanned, non-integrated and siloed technology is negatively impacting accountant workloads.”
The research also revealed that 85% of accountants consider technological proficiency essential for success, yet 40% are burdened with a ‘heavy’ workload, and 26% feel overwhelmed.
In addition, the report uncovered that 84% of participants believe their clients value advice, mentoring, and guidance.
It also showed that many accountants are managing three to five different technology platforms to automate workflows, but those with more platforms are less likely to have integrated systems.
Agiasotis emphasised the desire among accountants to move away from manual processes, which involve re-keying data and necessitate double-checking for accuracy, as these tasks consume valuable time.
He noted that the Access Group is committed to addressing the issue of disconnected point solutions for accountants and firms in Australia and New Zealand.
